Why Are Quoin Pharma Shares Trading Higher Today?

The FDA has accepted Quoin Pharmaceuticals Inc's QNRX Investigational New Drug (IND) application for its licensed formulation, which uses Skinvisible Inc's SKVI Invisicare drug delivery technology.
The topical formulation "QRX003" was developed to treat Netherton's Syndrome, a debilitating hereditary disorder that affects the skin, hair, and the immune system.
Skinvisible granted Quoin an exclusive, royalty-bearing license to its technology for use in select Orphan Rare Skin Diseases and the right to use its proprietary formula and technology to develop products that will target several rare skin-related indications.
Related: Why Quoin Pharmaceuticals Stock Is Trading Higher.
Quoin is responsible for obtaining all FDA and other regulatory body approvals necessary to market the products in the U.S. and other countries.
Upon completing various clinical and regulatory milestones, Skinvisible is entitled to receive a milestone payment of $5 million and ongoing royalties from sales.
Price Action: QNRX shares are up 7.13% at $0.66 during the market session on the last check Monday.